Pawnbroker H&T group saw its underlying pre-tax profit surge 52.5% to £7.2m in 2007 as its core pawnbroking services rose 17%.
Pawnbroker H&T group saw its underlying pre-tax profit surge 52.5% to £7.2m in 2007 as its core pawnbroking services rose 17%.
The Alternative Investment Market-listed company, which has 15 stores in Scotland out of an estate of 89, has rapidly expanded. It opened 12 new stores last year, with another four unveiled so far in 2008. Its pledge book grew 10% to £27.8m.
H&T, which listed on the AIM in May 2006, has also expanded its services in gold and jewellery buying and cheque cashing.
However, chief executive John Nichols denied that a slowing economy causing financial problems for consumers was providing good business for his company. "Against wider perception, the more difficult economic climate is not automatically a driver for our pawnbroking business."
The company's business strategy is based on expanding its geographic reach by buying up existing stores in what is a very fragmented sector. Of the 12 outlets added last year, seven were acquisitions.
It is also seeking to expand its customer base by offering services such as pre-paid credit cards.
H&T proposed a final dividend of 3.4p, up 0.4p on 2006.
